Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 3 weeks ago

Can’t make car payment what are my rights?

Hi everyone! So I bought a vehicle 8 months ago, my husband lost his job and we’ve been living on savings for about four months. With my income alone we can’t afford to pay for the home as well as the car payment. I’ve talked to the car company and they won’t even take the vehicle unless I pay them 5,000, we don’t have 5,000. We can’t refinance because then we wouldn’t even have enough money to make it by even with a lower payment. The lender refuses to take it without 5,000, please help?

6 Answers

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  • 3 weeks ago

    Your lender is much more likely to work with you right now due to the Covid crisis - so I would start there.

    If you really need to get out from underneath it, you might try selling it to a private party (but, of course, you'll need to get whatever you owe on it).

  • Your rights? What do you mean your rights? You either make the payments or you lose the car. The dealership doesn't care about your financial situation. That's not their problem. You signed on the dotted line. If you default on payment, then the dealer has every right to take the car away. Instead, maybe live within your means and not purchase that super fancy car. Instead, purchase an older clunker and save for something better. You could easily buy a decent used car for $5,000

  • Anonymous
    3 weeks ago

    You have the "right" to work something out or lose the car and face bad credit and possibly worse.

    Where did $5000 come from? Did you have a $1200 car payment?

  • Anonymous
    3 weeks ago

    Walmart is hiring.                 

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  • 3 weeks ago

    Unfortunately, you don't have any "rights" that would allow you to "squat" with the vehicle. 

    $5K seems VERY steep... were you already behind on the payments? Is this a "buy here, pay here" car lot? 

    Tighten the belt, take a 2nd job, etc... do anything you can to avoid a repo. Even an involuntary repo doesn't get you out of paying for the vehicle. 

  • 3 weeks ago

    Your rights are to pay what you owe.

    If you owe less or equal to what the car is worth,  sell it.

    Why doesn't your husband get a job flipping burgers, working at a gas station or pushing a broom.

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